The European lithium-ion battery market is expected to grow by 12.9% in 2021, with a market value of US$10.2 billion. Persistence Market Research expects the market to grow at a strong rate, although product prices will be slashed by 50% over the next few years in the context of mass production, while OEMs with previously patented technology custom manufacture on a selective order quantity basis8 -10 years.
A key factor driving lithium-ion battery sales in Europe is the growing demand for electric vehicles and battery-powered engines/drives. Another key demand driver is the growing smartphone user base, including portable, rechargeable and higher duty cycles.
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The main factor for using Li-ion batteries is that the product has become a viable alternative energy source to address zero carbon emissions, and is lightweight, space-saving, and operationally efficient, so most end-users have enthusiastically adopted this technology.
Analysis by Persistence Market Research predicts that the European lithium-ion battery market will grow at a healthy CAGR of around 7.5% during the forecast period 2021-2031.
The main content of market research
- The European battery market is expanding at an exponential rate, driven by society and government ambitions to implement a green energy transition. In this highly competitive industry with huge growth potential, only the most cost-effective and long-term solutions can gain market acceptance.
- As we all know, lowering the price requires lowering the cost and improving the performance, which requires a lot of R&D. In addition, there are a range of emerging applications where lithium-ion batteries have been recognized as a viable option.
- Europe has been at the forefront of planning and implementation plans, such as the REACH policy to 2030, and has been recognized as an initial adopter of electric vehicles. Lithium batteries, as the main drive/energy storage unit, will be proportional to the expansion of the electric vehicle fleet.
- With the miniaturization of consumer electronic devices, the demand for lithium-ion batteries is expected to grow exponentially to meet the needs of the end-user sector.
- End-users such as mobile, heavy-duty and stationary energy storage industries, as well as battery industry stakeholders, will create synergies with lithium-ion battery OEMs and take advantage of new groundbreaking discoveries in battery technology, which will ensure future opportunities in the European market for lithium-ion batteries.
- It is estimated that battery energy consumption in EU-5 countries will grow strongly by 65 GWh by 2031 and is expected to account for 80% of demand in the region, with Germany and the UK leading the way.
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“The REACH initiative and emphasis on zero-carbon/traditional fuel-free solutions will continue to drive demand for lithium-ion batteries in Europe. With the mass commercialisation of the product, Europe will establish itself as a major production hub and prices will increase Lower. On the application side, demand will be driven primarily by the transportation sector,” said analysts at Persistence Market Research.
Key Highlights of Market Evolution
- While their fast charging and lower self-discharge rates compared to other rechargeable batteries have kept lithium-ion batteries in popularity, manufacturers are continually improving their performance as affordable alternatives continue to emerge.
- The use of innovative materials to manufacture lithium-ion batteries to reduce production costs is becoming a popular trend among manufacturers. Therefore, customization by scaling down the amount of cobalt in the cathode is likely to be an integral part of most manufacturers’ business strategies.
- Regional markets will no longer rely on imports as not only domestic companies but also multinational companies will seek to invest and build manufacturing facilities in the region, with subsidies and tax incentives for stakeholders.
- Related mergers and acquisitions are also expected to be witnessed during this period
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Competitive Landscape
According to an analysis by Persistence Market Research, Panasonic Corporation, Samsung SDI Co. Ltd., LG Chem Ltd. Saft Groupe SA, CATL, Northvolt AB, Enersys Inc. and Duracell Inc. are identified as the major manufacturers of lithium-ion batteries in Europe.
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